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What happens to the business if something happens to you?
Business protection planning helps ensure that the business you've built can survive — and that your family and partners are protected.
The Challenge
Most business owners are underprotected.
You've spent years building your business. But what happens if you die, become disabled, or a key partner exits unexpectedly? Without a plan, the consequences can be severe — for the business, your family, and your partners.
A buy-sell agreement that hasn't been reviewed in years may not reflect current business value. Key-person coverage that was put in place a decade ago may no longer be adequate. Business continuity planning is often deferred — until it's too late.
Why It Matters
The risks of inadequate business protection
- An outdated or unfunded buy-sell agreement can create significant disputes
- The loss of a key person can disrupt operations and reduce business value
- Without a continuity plan, the business may not survive a transition
- Family members may be left with an illiquid business interest and no clear path forward
- Creditors and lenders may accelerate obligations in the event of an owner's death or disability
Strategies to Consider
Business protection strategies to consider
Business protection strategies involve complex legal, tax, and insurance considerations. All strategies should be reviewed with qualified legal, tax, and insurance professionals.
How Strategy360 Helps
Coordinating your business protection strategy.
- Review existing buy-sell agreements and identify gaps or outdated provisions
- Coordinate business protection strategies with overall estate and succession planning
- Work alongside your legal and tax professionals on agreement design and funding
- Help ensure key-person strategies are reviewed as the business and key employees evolve
- Facilitate coordination between your business protection and personal financial planning
Questions to Ask
- 1.Do you have a current, written buy-sell agreement?
- 2.When was your buy-sell agreement last reviewed?
- 3.Is your buy-sell agreement funded — and is the funding adequate?
- 4.Do you have key-person coverage on the individuals most critical to your business?
- 5.What would happen to the business if you became disabled tomorrow?
Ready to explore your options?
Schedule a strategy session and let's discuss what may be most relevant to your situation.
Schedule a Strategy Session